Indonesia's Commodity Futures Trading Regulatory Agency, Bappebti, has given more time to cryptocurrency exchanges to acquire the PFAK license, extending the deadline to November 2024.

Indonesian Regulators Extend Deadline

Indonesia's Commodity Futures Trading Regulatory Agency, Bappebti, has granted domestic cryptocurrency exchanges until late November 2024 to meet requirements for the Physical Crypto Asset Traders (PFAK) license.

Revisions to New Rules

This regulation, first introduced in 2021, has undergone three revisions to ensure crypto transactions are organized and secure in the market. The latest updates from October 2024 allow exchanges more time to meet licensing requirements.

Transition to Full Licensure

Since the initiation of licensing crypto exchanges in Indonesia in 2019, regulators have emphasized the need for authorization of these operations. The updated notice focuses on the transition of platforms from temporary registration (CPFAK) to full licensure (PFAK).

The extended deadline will help domestic crypto platforms better prepare to meet all the necessary requirements, promoting an organized and secure market.